London: Six arrests amid Extinction Rebellion protests as Olympians scale oil tanker April 16, 2022 Six people have been arrested after Extinction Rebellion activists, including a pair of Olympians, scaled a Shell oil tanker. The Met police confirmed six arrests for vehicle interference had been made on Saturday, the BBC reported. Climate change activists had been demonstrating in central London against the government funding fossil fuels. It was not known [...]
Moody’s warns Russia is on verge of defaulting on debt obligations April 16, 2022 Russia is on the verge of defaulting on its debt obligations, a major credit agency has cautioned. The country broke the terms of two bond contracts with payments scheduled on 4 April by paying in rubles, instead of dollars. US financial services firm Moody’s has noted the use of rubles “represents a change in payment [...]
City firms launch recruitment drive despite Brexit warnings April 14, 2022 City firms are scrambling to snap up the best talent in the financial services industry, suggesting the London jobs market has shaken off post-Brexit gloomy forecasts, reveals a closely watched survey published today. Banks, brokers and insurers in the Square Mile are recruiting for 73 per cent more roles in the first three months of [...]
Sky-high inflation forces Brits to raid pandemic savings April 13, 2022 Brits are being forced to run down their pandemic-induced savings to maintain spending amid historically steep inflation, reveals fresh figures published today. Pay is trailing behind the rate of price rises, meaning households are having to raid their war chests to maintain living standards. Over one in two Brits have already drawn from their savings [...]
Martin Shkreli’s lawyers ask to drop him as client as ‘pharma bro’ owes $2m in legal fees April 13, 2022 Martin Shkreli’s lawyers are seeking to drop him as a client, over claims the price-hiking pharma exec owes them $2.04m (£1.57m). Philadelphia headquartered law firm Duane Morris LLP asked for a judge’s permission to pull out of representing Shkreli after claiming the imprisoned former hedge fund manager “has no assets” to pay its fees. The [...]
UK space insurance industry grows by a quarter despite pandemic contraction April 13, 2022 The UK’s space insurance industry grew by quarter in the year the pandemic hit, drawing in some £20m into the more than £16bn sector, according to fresh analysis. Linklaters associate Nicholas Puschman told City A.M. that the growth was “not surprising given that London has a well-established history in underwriting space risks and responding to [...]
City Moves: Who’s switching jobs in the Square Mile? April 13, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. LHV UK Fintech and crypto banking services provider LHV UK has bolstered its board with an independent non-executive director. Stepping onto the board at the beginning of May, Keith Butcher joins the City based firm with a raft [...]
Extinction Rebellion miss the point: the City is at the heart of climate fight April 12, 2022 They may not be everybody in the City’s cup of tea, but Extinction Rebellion certainly liven up the place. Yesterday’s protest outside the Lloyd’s building by lunchtime had a party atmosphere: the sight of a broker or two enjoying a takeaway pint in the sun listening to the group’s band was probably a Lime Street [...]
The City View: Victoria Scholar on rising prices, unemployment and retail sales data; and XR cause Lloyd’s of London HQ shutdown April 12, 2022 Today Andy Silvester talks to Victoria Scholar, Head of Investment at Interactive Investor. They go through some of the week’s economics data on GDP, unemployment, retail sales, and talk trading updates. They discuss the latest from ASOS, Deliveroo, and EasyJet: ASOS is facing a raft of headwinds, as investors lose confidence in the online retailer; [...]
Car rentals double this month amid Easter travel chaos April 12, 2022 Car rentals have doubled ahead of Easter weekend, as Brits come up with alternatives while travel disruption wreaks havoc among the country’s transport network. According to data from Volkswagen Financial Services UK (VWFS), rentals on online platform Rent-a-Car have gone up 148 per cent on last year. “Lots of people have been waiting a long [...]